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first_imgHome / Daily Dose / Maxine Waters Responds to Wells Fargo Request The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Government, News The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 31, 2020 2,063 Views Financial services Wells Fargo 2020-03-31 Seth Welborn Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Related Articles  Print This Post The Week Ahead: Nearing the Forbearance Exit 2 days ago Demand Propels Home Prices Upward 2 days ago About Author: Seth Welborn Maxine Waters Responds to Wells Fargo Request Previous: Activists Push for Further Eviction Moratoriums Next: CARES Act Could Help People Stay in Their Homes Following reports that Wells Fargo & Company has requested that the Federal Reserve remove an asset cap imposed in response to widespread consumer abuses and compliance breakdowns, Congresswoman Maxine Waters, Chairwoman of the House Financial Services Committee, wrote a letter to Jerome H. Powell, Chairman of the Board of Governors of the Federal Reserve System, requesting additional information.Waters responded to a Financial Times article which reported that Wells Fargo & Company “made a pitch to the Federal Reserve to remove an asset cap introduced in the wake of its fake accounts scandal, saying it would allow the US bank to extend support to businesses and customers hit by the economic fallout of the coronavirus pandemic.”“As you know, pursuant to its February 2018 consent order, the Federal Reserve restricted Wells Fargo’s growth until the firm develops and implements—and a third party independently evaluates—the governance and internal control improvements specified in the order,” the Chairwoman wrote. “The U.S. House Committee on Financial Services’ (“Committee”) ongoing oversight activities have revealed that Wells Fargo has yet to fully satisfy the requirements of the Federal Reserve’s February 2018 consent order. Pursuant to its legislative and oversight authority under House Rule X, 116th Congress, the Committee must know more about whether Wells Fargo requested that the Federal Reserve remove the asset cap and, if so, the Federal Reserve’s consideration of any such request.”Earlier this year, Waters called Wells Fargo a “lawless organization” that has caused harm to millions of consumers during.Wells Fargo CEO Charlie Scharf testified before the committee during the hearing titled “Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust.”The Securities and Exchange Commission (SEC) announced in February that the bank will pay a $3 billion settlement over its account scandal dating back to 2016. Wells Fargo’s penalties include a $500 million fine to the SEC.According to the SEC’s order, between 2012 and 2016, Wells Fargo publicly touted to investors the success of its Community Bank’s “cross-sell” strategy, which it characterized as a key component of its financial success. According to the order, from 2002 to 2016, Wells Fargo opened millions of accounts of financial products that were unauthorized or fraudulent.Fellow committee member Patrick McHenry, however, noted that his colleagues on the other side of the aisle “made up their minds about Wells Fargo long ago.”He said that before the committee received any evidence in 2016, Waters said she had come to the conclusion that “Wells Fargo should be broken up. It’s too big to manage.”McHenry said that after reviewing nearly half a million documents and countless testimony, that breaking up the bank is not the answer.“Wells Fargo isn’t too big to manage. The findings of this document show it was grossly mismanaged,” he said. Tagged with: Financial services Wells Fargo Subscribelast_img read more


first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Federal authorities are reportedly investigating New York State Senate Majority Leader Dean Skelos (R-Rockville Centre) and his son, Adam—shocking news that has sparked a separate probe in Nassau County, officials said.The New York Times reported Wednesday that Manhattan federal prosecutors have subpoenaed witnesses, including fellow elected officials from Long Island, to testify before a grand jury regarding Adam Skelos’ business dealings with a company that won a lucrative Nassau County contract. As a result, Nassau prosecutors have also begun looking into county contracts. A spokesman for Nassau County Executive Ed Mangano said that he and the county are not targets of the federal probe, but are cooperating with investigators.“I have and will continue to cooperate with any inquiry,” Sen. Skelos said in a statement Thursday. In January, the senator had blasted an NBC New York story for reporting that he was under investigation when, he claimed, he had not been contacted by law enforcement. Christopher Conniff, an attorney for his son, did not return a call for comment.The news comes three months after New York State Assemb. Sheldon Silver (D-Manhattan) pleaded not guilty to charges that he allegedly used his influence to pad his own pockets during his two-decade tenure as the Assembly Speaker. Skelos, who is equally as powerful in Albany, is part of the “Three Men In The Room” that negotiates the state’s legislative agenda with the Assembly speaker and Gov. Andrew Cuomo.Declining to comment were representatives for the FBI and Preet Bharara, the U.S. Attorney for the Southern District of New York. Asked if any other elected official was under investigation when Silver was arrested, Bharara had replied, “Stay tuned.”Now the focus is on Nassau.“One focal point has been Adam Skelos’s hiring by an Arizona company, AbTech Industries, as well as a storm-water treatment contract that AbTech was awarded by Nassau County…even though the company was not the low bidder,” the Times reported, citing anonymous sources. “Investigators are seeking to determine whether Senator Skelos exerted any influence in matters involving AbTech. They are also examining whether his son’s hiring as a consultant was part of a scheme in which the senator, in exchange, would take official action that would benefit AbTech or another company, Glenwood Management, a politically influential real estate developer that has had ties to AbTech.”That line of inquiry has sparked a separate review by Nassau prosecutors.“Today’s news about AbTech Industries is troubling,” Acting Nassau County District Attorney Madeline Singas, a Democrat, said in a statement Thursday. “My Public Corruption Bureau will conduct a comprehensive review of Nassau County contracting practices.”When asked to confirm reports that Mangano was among those asked to testify before the grand jury—according to the Times, they included some of Skelos’ other fellow Republican state senators from LI—a spokesman for the county executive touted the transparency of Nassau government.“Nassau County has the most transparent process known to government,” said Mangano spokesman Brian Nevin in a statement. “The County has been cooperating with law enforcement officials who have requested information relating to contracts that were awarded under an open, competitive and transparent procurement process.“The County Executive and the County have been notified that they are not targets of the investigation,” Nevin continued, “and will continue to assist law enforcement officials in the event they require additional information regarding the methodology of this public procurement process and the specifics of how the award determination was made.”last_img read more

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